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Last year, Absolute Zero Freezers paid a dividend equal to $0.95 per share. Absolute follows the low-regular-dividend-plus-extras policy to determine its annual dividend. The policy requires the minimum dividend to be increased by 30 percent of the amount of earnings that is exceeds $30,000. Last year's earnings were $50,000. If Absolute has 40,000 shares outstanding, how much is the minimum (low regular) dividend that the firm pays each year?

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